U.S. bank and thrift stocks, as well as the major U.S. indexes, fell slightly Tuesday, May 30, amid chatter from Federal Reserve officials.
The SNL U.S. Bank Index decreased 1.11% to 518.52, and the SNL U.S. Thrift Index fell 0.75% to 874.69. The Dow Jones Industrial Average slid 0.24% to 21,029.47, the Nasdaq composite index declined 0.11% to 6,203.19 and the S&P 500 fell 0.12% to 2,412.91.
In an interview with CNBC earlier today, Dallas Federal Reserve President Robert Kaplan said he expects the U.S. central bank to begin reducing its balance sheet and raise interest rates two more times this year.
Federal Reserve Governor Lael Brainard also spoke in New York today about how the inflation rate is lagging behind the Fed's 2% goal. She said this could affect her view about the appropriate rate hike path.
Among the Big Four, JPMorgan Chase & Co. declined 1.71% to $83.90, Bank of America Corp. lost 1.42% to $22.91, Citigroup Inc. slid 0.69% to $61.64, and Wells Fargo & Co. was trading 0.48% lower to $52.16.
Citi is selling its Yield Book and fixed income indexes to London Stock Exchange Group Plc for $685 million in cash.
Among thrifts, HarborOne Bancorp Inc. (MHC) fell 4.08% to $19.30 and Carver Bancorp Inc. gained 6.55% to $3.58.
Market prices and index values are current as of the time of publication and are subject to change.